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Originally Posted by adav8s28
TC, I see you have been reading some of my other posts. If you want to debate GM and the TARP assistance they got, you will have to do it in the other thread. There are new rules about staying on topic. I will say this the statement that "Obama gave GM to the unions" is just not true.
Sorry, but I have no interest in further discussing the GM bailout issue with you in this or any other thread, as your responses have demonstrated no intention of even making the most rudimentary effort to comprehend anything I posted.
1. For your first question you should ask former President Trump why he felt $2000 should go out for the last stimulus he issued instead of $600. Trump is your guy, right?
No, he isn't. Although Donald (unlike Joey) at least managed to get a few big picture items right (corporate tax cuts, lightening the regulatory burden, etc.), the debt-accumulation trajectory during his term was unacceptable, even before the onset of the pandemic.
2. The primary cause for the inflation for the last 12+ months is the supply chain problems caused by the pandemic and Putin invading Ukraine.
Nope. Although the supply chain disruptions and the Russia-Ukraine war somewhat exacerbated the inflation problem, the primary driver was clearly the tsunami of excessive relief/stimulus (see below).
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As the ginormous $1.9 trillion "American Rescue Plan" was passed in March 2021, even a number of left-leaning economists opined that it was grossly excessive and would result in a surge of inflation. Most notable among them was Larry Summers, who called it the most irresponsible fiscal policy in decades.
Just over a year ago, JPM's analysts reported that household bank balances were about $2.5 trillion more than would have been expected if there had never been a pandemic (or the consequent bailouts and stimulus payments), and if everything had simply remained on its prepandemic trajectory.
So it's plainly the case that even prior to the $1.9 trillion cash tsunami, Americans' household finances had been "made whole" and the output gap had been more than filled.
The $1.9 trillion Inflation Production Plan of March 2021 was simply partisan vote-buying; nothing more.
For those who aren't hyperpartisan progressive zealots, how could any of this be difficult to understand?
